Already have a loan? Enter it once, then explore what happens if you make a part payment, pay it off early, or refinance — and compare all three side by side to see which actually saves you the most.
If you already have a loan, this tool starts from what you actually have — outstanding balance, current rate, and remaining tenure — and lets you explore what happens under three different real-world moves: making a one-time part payment, paying it off early, or refinancing to a new rate and tenure. Each mode is calculated independently and then a comparison table lines them up side by side, so you can see which one genuinely saves the most instead of evaluating each option in isolation.
Everything starts in Section A: enter your outstanding balance, current annual rate, and remaining tenure (years and months), and the tool calculates your current EMI, total remaining interest, and total payable using the same amortization math throughout the tool. If you already know your actual EMI, you can enter it for reference — it's shown alongside the calculated figure but never used in any calculation, so every mode below stays consistent no matter what your lender's statement says.
Enter a one-time lump sum and when you plan to pay it (in months from today), and the tool shows two ways to use it: Option A keeps your EMI exactly the same and finishes the loan sooner, while Option B keeps your original tenure and lowers your EMI instead. Both options are calculated from the same lump sum so you can decide whether you'd rather be debt-free sooner or have more breathing room each month.
Two paths here: Foreclose today pays off your entire outstanding balance right now in one go, showing you the interest you'd save by not paying another month of it. Shorten remaining tenure lets you commit to finishing in fewer years than you have left, and calculates the higher EMI that requires.
Enter a new interest rate and tenure, along with any processing fee, legal or valuation fees, other switching costs, and a preclosure charge your current lender might apply. The tool calculates your new EMI and total interest, adds up all the switching costs, and shows your total saving versus staying with your current loan — plus a break-even point in months, so you know exactly how long it takes for a lower EMI to pay back what refinancing cost you upfront. If your EMI doesn't actually decrease, break-even shows as not applicable rather than a misleading number.
Sofia has an outstanding loan balance of 800,000, at a 9% annual rate, with 10 years (120 months) remaining.
| Base loan | Amount |
|---|---|
| Current EMI | 10,134 |
| Total interest (if unchanged) | 416,087 |
| Total payable | 1,216,087 |
Part payment: Sofia can put 200,000 toward the loan at month 12.
| Option | New EMI | New payoff | New total interest | Interest saved |
|---|---|---|---|---|
| A — same EMI, finish sooner | 10,134 (unchanged) | 82 months (38 months sooner) | 227,562 | 188,525 |
| B — same tenure, lower EMI | 7,425 | 108 months (unchanged) | 323,561 | 92,527 |
Option A saves more than twice as much interest as Option B, because finishing sooner cuts off interest accrual entirely for those final 38 months, while Option B keeps the loan running the full remaining tenure at a lower balance.
Refinance instead: a new lender offers Sofia 7.5% over a fresh 10-year term, with a 15,000 processing fee, 5,000 legal/valuation fees, 2,000 other switching costs, and her current lender charges an 8,000 preclosure fee.
| Figure | Amount |
|---|---|
| New EMI | 9,496 |
| Total switching costs | 30,000 |
| New total interest | 339,537 |
| Total saving vs. staying | 46,550 |
| Break-even | 47.0 months |
Refinancing lowers Sofia's EMI by 638 a month, but the 30,000 in switching costs takes 47 months (just under 4 years) to earn back before she's genuinely ahead. If she expected to sell the property or refinance again before then, the part payment options above would likely serve her better — this is exactly the kind of comparison the strategy comparison table is built to surface automatically.
Once you've calculated more than one option, a comparison table appears showing EMI, payoff time, total interest, and interest saved for every strategy you've tried, side by side. Tap any row to expand the full detail behind that number. Every mode also has its own year-by-year amortization schedule available on request, so nothing here is a number you have to take on faith.
Disclaimer: This tool is for informational and educational purposes only and does not constitute financial, investment, tax, or legal advice. Results are hypothetical estimates based on your inputs and do not guarantee future performance. Consult a qualified professional before making financial decisions; we accept no liability for losses arising from use of this calculator. This tool may make mistakes — please verify all results independently.